Why sell an airline that had made money for the previous few years?
It hadn't. The figures were "massaged"; when you dug into them it was clear that the real situation for the airline was loss-making.
Any accountant will tell you that over the short term you can always present a much rosier picture than the reality, without breaking any rules, and any good accountant can always spot when this is done, given access to the data. But it catches up with you, and that's where Aurigny now is, exactly as was predicted at that time against denials by the airline's owner.